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University decides to re-design the Social Sciences and Humanities building so that people stop getting lost. They decide to solicit bids from local construction companies to carry out their design. Since university views local construction companies as identical quality, the University will award the project to whichever company submits the lowest bid. While the bids will not necessarily be submitted simultaneously, they are kept secret and revealed simultaneously so that this is effectively a simultaneous move game.
(a) Assume two construction firms who both estimate the project to cost $10 million compete in this bidding process and submit bids of p1 and p2, respectively. What are the Bertrand (Nash) equilibrium prices of this game? Assume the maximum willingness to pay of the University is $50 million.
(b) Suppose construction firm 1 could actually complete the project for $5 million. Find a new pair of Bertrand (Nash) equilibrium prices that does not involve a firm playing a weakly dominated strategy.
How can I find the demand equation in this problem
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